Macedonia to offer citizenship to foreign investors

PanARMENIAN.Net - Macedonia will offer citizenship to foreigners who invest more than 400,000 euros (about $515,000) in the country’s economy, and hire at least ten workers, RIA Novosti reported citing the Macedonian government’s press service.

The move is intended to help ease residency requirements for foreign investors who buy real estate in Macedonia or invest elsewhere in the economy. It would exclude, however, investors in the hotel and trade sectors.

Currently, foreign owners of Macedonian real estate can remain in the country with a tourist visa for just three consecutive months, and no more than six months in any one year.

The new rules will also allow EU citizens or members of the Organization for Economic Cooperation and Development (OECD) who invest at least 40,000 euros (about $51,500) to stay the country for up to a year.